Buying a property abroad can be hugely rewarding but a daunting experience if you don't know what you are doing. Luckily there is a raft of knowledge out there and you can draw on other people's experiences to help you on your way. Getting information from multiple sources will help you to build a picture of what needs to be done. Doing you own research is important at it means you can be confident you are doing the right things and asking the right questions along the way.
Did you know?
47% of people who bought abroad now rate their quality of life as excellent!
- Why you are buying a property abroad?
- How will you finance your purchase?
- What due diligence you need a lawyer to carry out?
- The costs of sending money in & out of a foreign country?
- How you can make your move a permanent one?
- How you can generate a rental income?
Understand the buying process
You should make sure you understand how the buying process works in the country you are going to buy in. Having a basic understanding of the legalities and tax implications country will save you getting in to trouble later. Lots of companies offer free buying guides which offer country specific information. As well looking online you should go to exhibitions which have up to date information you can get face to face from the experts.
Did you know?
7% of people buy without ever visiting the area
Seek independent advice
The Foreign and Commonwealth Office has extensive information on their website with the specific intention of helping anyone who is thinking of living abroad. They support British nationals around the world through modern and efficient consular services. Information ranges from travel advice to claiming your pension whilst overseas, to taking your pet abroad.
Did you know?
You can still vote if you move or retire abroad
Don't get carried away
It is very easy to get carried away with the excitement of buying overseas property however the same basic rules apply to buying property wherever you are. Use independent legal professionals who can carry out these checks for you which will include verifying who's selling it, where the property is and if it even exists. Luckily the Association of Property Professionals (AIPP) have produced a 'How to Buy Overseas Property Safely' guide which is free to download and gives invaluable information on the role of an agent and developer and offers tips on how to find a good one. For more information on the role of the AIPP you can find it on their website. You can also find some useful tips on staying safe online in our own Safety and Security area.
You should be aware that if you are buying a property abroad you are covered by the Consumer Protection Regulation (CPR) which sets out the guidance for how agents who market property to UK buyers should behave. More details can be found on the website of the Office of Fair Trading.